Word: canalize
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Dates: during 1950-1959
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Although he seems to be losing the battle to rule the Arab world, Egypt's Colonel Nasser last week won control of what is now undeniably his, the Suez Canal...
...Knife. Looking hopefully at this dissension amongst the Tories, the Labor Party moved to the attack in Commons, proposing a vote of censure against the government's Suez policy. With cool remorselessness, Opposition Leader Hugh Gaitskell ticked off the consequences of the Suez war-"the blocking of the canal, the cutting of the pipelines, the strain on the pound, the introduction of petrol rationing,* the check to industrial expansion, a tremendous blow to our reputation in the world." The upshot, needled Gaitskell, was that "we are now forced to accept [from Egypt] terms far worse than those demanded earlier...
...were not so bad as Gaitskell made out. With even less success, Foreign Secretary Selwyn Lloyd (whose early resignation was now freely predicted by the British press) tried to put a hopeful face on it by saying that "certain practical lessons have been learned about the consequences of the canal being out of operation." Jabbing his finger toward Macmillan, Labor's honey-voiced Aneurin Bevan demolished Lloyd with a single blow. "There is no reason to attack the monkey," sneered Bevan, "when the organ-grinder is present...
...test of confidence -308 to 259. Aside from the eight rebel backbenchers, only six Tories, including Sir Anthony Eden's nephew John, failed to support the government. Even the blimpest of Blimps had to recognize that Macmillan had no practical alternative to allowing British ships through the canal at Nasser's price...
...Egyptian economy is intertwined with Britain's. London still holds $300 million of blocked Egyptian funds. Some time, when they get to speaking to each other again. Britain will claim that Egypt owes her more than $350 million in obligations incurred when an angry Nasser nationalized the Suez Canal Co. and "Egyptian-ized" foreign investments in Egypt, and Nasser can be expected to counter with a big bill for damages suffered in the British invasion. But until such sticky matters can be worked out, so big a maritime power as Britain could not afford to boycott the canal while...